Earnings of $1.26 a share is the consensus of analysts surveyed by Thomson Reuters, down from $1.45 for the same period a year ago. Earnings for financial-services companies in the S&P 500 are expected to be down 8.5% from the same period last year, FactSet says.

The bank expects to build further reserves related to potential energy losses. In mid-February it said it plans to add about $500 million to reserves for oil and gas and an additional $100 million related to metals and mining in the first quarter. That is on top of the bank’s $815 million in oil-and-gas reserves and $240 million in metals and mining reserves as of the end of 2015.

Bank executives have forecast this may be another rocky quarter for trading. At its annual investor day presentation in February, J.P. Morgan corporate and investment bank chief Daniel Pinto said he expects investment-banking fee revenue to fall 25% from the year-earlier quarter. He also said the trading business was down 20% at that point in the quarter versus the year-earlier period.

The bank defended itself–yet again–that it isn’t too big to fail following a shareholder proposal asking the firm to evaluate whether its businesses could be made more valuable by breaking the bank into smaller pieces. J.P. Morgan reiterated that its size allows benefits of scale, among other positives. But the defense isn’t over yet.